Howard Hughes Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
HHH$77.73-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001981792-25-000008
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking InformationOverviewCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001981792-25-000011
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking InformationOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 75 previous paragraphs and 72 current paragraphs.
58 unchanged; 8 reworded; 6 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
–Net income from continuing operations increased to $119.4 million in the current quarter, compared to $96.5 million in the prior-year period. This increase was primarily driven by increased MPC residential land sales, improved NOI performance from Operating Assets, and the recognition of a loss on MUD sale in the prior-year period, partially offset by the recognition of income in the prior-year period related to the settlement of the construction defect claims at Waiea in Ward Village and an increase in income tax expense.
Current report
–Retail NOI increased $1.2 million primarily due to continued lease up at various properties across our portfolio.
Current report
–The increase in EBT was primarily due to an increase in superpad acres sold and higher builder price participation in Summerlin.
Current report
–The decrease in EBT was primarily attributable to a decrease in other income related to the receipt of insurance proceeds for the Waiea remediation in the prior-year period, partially offset by a decrease in condominium cost of sales related to the recognition of additional Waiea remediation-related costs in the prior-year period, and an increase in gain on sale of real estate assets due to a land swap in The Woodlands in the current period.
Current report
–We contracted 216 units at our predevelopment condominiums at Ward Village during the current quarter, including 136 units at Melia, 72 units at ‘Ilima, and 8 units at The Launiu.
Removed paragraphs (9)
Previous report
–Net income from continuing operations decreased to a net loss of $12.1 million in the current quarter, compared to net income of $47.4 million in the prior-year period. This decrease was primarily driven by a loss on the sale of MUD receivables.
Previous report
–Multifamily NOI increased $2.7 million primarily due to continued lease-up at Tanager Echo in Summerlin, Marlow in Merriweather District, and Wingspan in Bridgeland.
Previous report
–Retail NOI decreased $1.1 million primarily due to the collection of previously reserved accounts receivable in Ward Village in 2024.
Previous report
–The decrease in EBT was primarily due to the timing of residential land sales, net of costs across our MPCs.
Previous report
–The increase in EBT was primarily attributable to lower depreciation expense and the recognition of a gain on the sale of a land parcel in the Merriweather District in the current period.
Previous report
–We contracted 15 units at The Launiu during the current quarter and as of June 30, 2025, this development project was 66.8% pre-sold. Construction is expected to commence on The Launiu later in 2025.
Previous report
–During June 2025, we launched pre-sales for our two new Ward Village condominiums, Melia and ‘Ilima. Pre-sales activity for these towers has been strong, however as of June 30, 2025, all pre-sold units were still within the contractual 30-day rescission period.
Previous report
–Completed construction on the redevelopment of Grogan’s Mill Retail in The Woodlands. As of June 30, 2025, this 31,000-square-foot retail center was 55% leased.
Reworded paragraphs (8)
Previous wording
–our inability to identify and consummate transactions as part of our new strategy of becoming a diversified holding company
Current wording
–our ability to identify and consummate transactions as part of our new strategy of becoming a diversified holding company
Previous wording
–our ability to realize the anticipated benefits of the spinoff of Seaport Entertainment Group Inc. that we completed in 2024, as well as other effects the Spinoff may have on our ongoing business
Current wording
–our ability to realize the anticipated benefits of the spinoff of Seaport Entertainment Group Inc. that we completed in 2024
Previous wording
On May 5, 2025, the Company sold 9,000,000 newly issued shares of the Company’s common stock to Pershing Square for an aggregate purchase price of $900 million. This represented a significant milestone for the Company, and we continue to evaluate opportunities to deploy this capital. Over time, we expect HHH will be transformed into a premier diversified holding company, with our portfolio of master planned communities at its foundation. Refer to Note 2 -Pershing Square Transaction in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information on the transactions with Pershing Square.
Current wording
On May 5, 2025, the Company sold 9,000,000 newly issued shares of its common stock to Pershing Square for an aggregate purchase price of $900 million. This represented a significant milestone for the Company, and we continue to evaluate opportunities to deploy this capital. Over time, we expect HHH will be transformed into a premier diversified holding company, with our portfolio of master planned communities at its foundation. Refer to Note 2 -Pershing Square Transaction in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information on the transactions with Pershing Square.
Previous wording
–We continue to maintain a strong liquidity position with $1.4 billion of cash and cash equivalents, $515.0 million of undrawn capacity on our Secured Bridgeland Notes, $880.5 million of undrawn lender commitments available to be drawn for property development, subject to certain restrictions, and limited near-term debt maturities, all as of June 30, 2025.
Current wording
–We continue to maintain a strong liquidity position with $1.5 billion of cash and cash equivalents, $515.0 million of undrawn capacity on our Secured Bridgeland Notes, $772.4 million of undrawn lender commitments available to be drawn for property development, subject to certain restrictions, and limited near-term debt maturities, all as of September 30, 2025.
Previous wording
–Operating Assets NOI totaled $66.9 million in the current quarter, a $3.5 million increase compared to $63.3 million in the prior-year period.
Current wording
–Operating Assets NOI totaled $65.6 million in the current quarter, a $2.7 million increase compared to $62.8 million in the prior-year period.
Previous wording
–Office NOI increased $1.9 million primarily due to strong leasing activity and abatement expirations at various properties in The Woodlands, Merriweather District, and Summerlin, most notably at 9950 Woodloch Forest, 6100 Merriweather, and 1700 Pavilion, partially offset by decreases related to lower occupancy at certain properties in Merriweather District and The Woodlands, most notably at Merriweather Row and 3831 Technology Forest.
Current wording
–Office NOI increased $2.2 million primarily due to strong leasing activity and abatement expirations at various properties in The Woodlands, Merriweather District, and Summerlin, most notably at 9950 Woodloch Forest, 6100 Merriweather, 1700 Pavilion, and Three Hughes Landing, partially offset by decreases related to rent abatement at certain properties in The Woodlands in 2025.
Previous wording
–MPC EBT totaled $102.4 million in the current quarter, a $20.8 million decrease compared to $123.2 million in the prior-year period.
Current wording
–MPC EBT totaled $205.0 million in the current quarter, a $60.3 million increase compared to $144.8 million in the prior-year period.
Previous wording
–Strategic Developments EBT increased $3.9 million to income of $1.0 million in the current quarter, compared to a loss of $3.0 million in the prior-year period.
Current wording
–Strategic Developments EBT decreased $66.4 million to $11.3 million in the current quarter, compared to a $77.7 million in the prior-year period.